Srigee DLM Makes a Strong Entrance on BSE SME
In an exciting turn of events for investors, Srigee DLM made a remarkable debut on the BSE SME platform today. Opening at ₹188.10, the share price surged an impressive 90% above its issue price of ₹99. This successful launch comes on the heels of the Srigee DLM IPO, which kicked off on May 5 and will wrap up on May 7. With a price band set between ₹94 and ₹99 per equity share, investors had the opportunity to engage by bidding for a minimum of 1,200 shares.
IPO Subscription Status
The Srigee DLM IPO has garnered significant interest, boasting a staggering subscription rate of 490.93 times, as reported by industry sources. This overwhelming demand underscores the company’s robust market positioning and investor confidence.
- IPO Opening Date: May 5
- IPO Closing Date: May 7
- Face Value: ₹10 per equity share
- Minimum Bid: 1,200 shares
Company Background and Operations
Founded as Srigee Enterprises Private Limited, the company initially specialized in the production of plastic mouldings for consumer goods. By 2013, it expanded its horizons to include mouldings for home appliances, investing in advanced injection molding technology to enhance production capabilities.
Srigee DLM is committed to excellence in design-oriented manufacturing, focusing on:
- Plastic Injection Moulding
- Tool Room and Die Production
- Mobile Phone Sub-Assembly
- Polymer Compounding and Trading
The company serves a diverse clientele across sectors such as consumer goods, home appliances, automotive components, and electronics, ensuring high-quality and cost-effective solutions for leading OEMs.
Competitive Landscape
In the competitive arena, Srigee DLM stands alongside firms like Amber Enterprises India, which has a P/E ratio of 169.65, and Cyient DLM, boasting a P/E ratio of 55.46. These comparisons highlight the company’s significant market potential.
Financial Highlights of the IPO
The Srigee DLM IPO comprises a fresh issue of 1,714,800 equity shares, raising approximately ₹16.98 crore, with no offer-for-sale component included. The funds raised are earmarked for:
- Capital expenditures
- Machinery acquisition
- General corporate purposes
GYR Capital Advisors Private Limited is the lead manager for this IPO, while Bigshare Services Pvt Ltd serves as the registrar. Globalworth Securities Limited is the designated market maker for the offering.
Grey Market Insights
As of today, the Srigee DLM IPO GMP stands at +45, indicating that the shares are trading at a ₹45 premium in the grey market. This premium suggests a projected listing price of approximately ₹144 per share, reflecting a 45.45% increase from the IPO price of ₹99. The upward trend in the grey market over the past 15 sessions is an encouraging sign for investors.
- Minimum GMP: ₹0.00
- Maximum GMP: ₹45
The grey market premium serves as a barometer for investor sentiment, indicating a willingness to pay above the established issue price.
Conclusion
With a successful debut and robust subscription rates, Srigee DLM is poised for a promising journey in the stock market. As investors keep a close watch on the unfolding events, the company’s commitment to innovation and quality manufacturing continues to resonate across various industries. For those looking to invest, the current trends suggest a bright future for Srigee DLM.
